Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
MAY 11, 2000
XXXXXXXXXX
Dear XXXXXXXXXX:
Thank you for your letter of March 1, 2000, on behalf of the XXXXXXXXXX, concerning their proposal to amend the Income Tax Act with respect to the taxation of horse racing.
I have noted your support for the Association's proposal to amend section 31 of the Act, to exclude from the application of this provision the breeding and maintaining of horses for racing.
The rules in section 31 of the Act restricting the deduction of farm losses in certain circumstances have been in place for many years. This legislative rule has never contained any exclusion for farm losses arising from a particular type of farming business. The limits apply generally when farming is not a chief source of income, when compared to other sources of income.
Since the responsibility for changes to the legislation falls within the jurisdiction of the Department of Finance, the proposal to amend the rules in section 31 of the Act would have to be considered by that department. Accordingly, I have sent a copy of our correspondence to the Honourable Paul Martin, Minister of Finance, for his consideration.
I trust that my comments will be of assistance.
Your sincerely,
Martin Cauchon
C.C. The Honourable Paul Martin, P.C., M.P.
Minister of Finance
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